I bought a house in 1983 and had a 16.5% mortgage. In order to help me move (it was a corporate relocation), my company gave me MIRD (mortgage interest rate differential). It gave me a lump sumpayment for three years of the difference between my old rate of then 9.5% and the new one, based on the cost of the new house. I was fortunate. I re-habbed that house myself for a few thousand dollars and sold it in another corporate relocation in 2.5 years, keeping the half of year of MIRD . I would have started to stagger under the weight of the mortgage when it would have all been on me.mayor wrote: ↑Fri Aug 26, 2022 10:25 pmWhen I was discharged from the USAF in '78, inflation was just on the rise. Before 1979 ended, inflation was almost 14%. I knew people that were trying to make mortgage payments @10 and 12 percent. It made some of them unhealthy. I don't remember any bailouts then.
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- Sat Aug 27, 2022 7:00 am
- Forum: Off-Topic
- Topic: inflation reduction act 2022
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